Bitcoin and Ethereum Prices Decline as Fed’s Hammack Advocates for Stable Interest Rates

The cryptocurrency market has seen a notable decline in the value of Bitcoin and Ethereum, influenced by comments from Federal Reserve member Hammack, who supports maintaining stable interest rates. Hammack believes that the current economic data does not warrant a change in monetary policy, leading to uncertainty among cryptocurrency traders. Many believe that higher interest rates reduce the attractiveness of high-risk assets like cryptocurrencies. Furthermore, other factors have contributed to this decline, including concerns about potential regulations and increased competition between digital currencies. Analysts are closely monitoring how the market responds to these developments, as continued pressure on interest rates may lead to further declines in the value of cryptocurrencies.